Ethereum started a steady decline from the $395 swing high against the US Dollar. ETH price is now trading just above the main $360 support and the 100 SMA (H4).
- ETH price is showing a few bearish signs below $375 and $380 against the US Dollar.
- The price is still holding the $365 support and the 100 simple moving average (4-hours).
- There is a major declining channel forming with resistance near $372 on the 4-hours chart of ETH/USD (data feed via Kraken).
- The pair is likely to rally above $375 as long as it is trading above the 100 SMA (H4).
Ethereum Price is Facing Hurdles
After forming a major top near the $395 level, Ethereum started a steady decline against the US Dollar. ETH price broke the $380 and $375 support levels to move into a short-term bearish zone.
Ether price tested the $360 level and it remained well bid above the 100 simple moving average (4-hours). A low is formed near $360 and the price is currently correcting higher. It is testing the $368 resistance level. The stated resistance is close to the 23.6% Fib retracement level of the key decline from the $395 high to $360 low.
